The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (19-October-2005)
    PACRA Maintains The Ratings of Pakistan Mobile Communications Limited
 

 
Analyst
Muhammad Usman Majeed
(+92-42-586 9504)
usman@pacra.com

 

 

 









 




 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term ratings of Pakistan Mobile Communications Limited (PMCL) at “AA-” (double A minus) and “A1” (A One) respectively. These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.

The ratings reflect PMCL’s sustained market leadership and strong financial performance emanating from continuing growth in volumes. Though the increase in financial leverage owing to continuing debt acquisition for supporting expansion has been substantial, the corresponding increase in cash flows allows the company to maintain gearing and respective coverages at an adequate level. The ratings also incorporate the company’s success in sustaining its positioning in an increasingly competitive cellular industry despite some negative publicity on the quality of service front.

About the company: Pakistan Mobile Communications Limited (PMCL) is the largest cellular telecommunication service provider engaged in installation, operation and maintenance of a countrywide GSM cellular network under the brand name of Mobilink. PMCL was incorporated as a private limited company in December 1990, commenced operations in August 1994, and was converted into a public limited company in February 2005. The company enjoys the strong technological support of Orascom Telecom (OT), which operates GSM cellular networks in seven emerging markets across the Middle East, Africa and South Asia . In addition to GSM operations, Orascom Telecom has other subsidiaries in the areas of Internet and satellite technologies. The parent company was incorporated in Egypt in 1992 and is publicly traded on the Cairo and Alexandria Stock Exchange in Egypt, and the London Stock Exchange.
 
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